- PUNCH LINE
The World Bank has approved a loan of $350 million to the Kaduna State government towards supporting its Development Policy Operations (DPO).
This was disclosed by the Commissioner of Finance in the state, Mr Suleiman Abdul-Kwari, in an interview on Friday at his office in Kaduna, North-west Nigeria.
According to him, the World Bank granted the loan following a satisfactory assessment of the state’s developmental agenda and challenges.
Abdul-Kwari said the loan, which would be used to finance infrastructural development such as building and rehabilitation of schools, hospitals, and roads among others, is before the National Assembly for final approval.
He was optimistic that the projects to be funded by the loan would engender economic growth, increase revenue generation, and create employment opportunities for the people.
The commissioner said the credit facility has an attractive low financing rate of 0.5 percent interest, a moratorium of 10 years, and a 50-year repayment term.
He informed that the World Bank approved the loan after the state government met the various conditions laid down by the financial institution, which include putting in place institutional framework for transparent and accountable budgetary and financial purposes.
Abdul-Kwari was also hopeful that the National Assembly would soon approve the loan to enable the state tackle some of its infrastructural deficits.